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Healthy Monsoon forecast, global cues pushes equities higher
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SME Times News Bureau | 16 Apr, 2021
Forecast of a healthy monsoon season cheered India's key benchmark
equity indices which trade in the green during Friday's late afternoon
session.
Volatility was observed as rising Covid cases capped any major recovery attempts on the back of healthy Q4FY21 results.
However, a bout of late session profit booking led both the indices to end on a flat-to-positive note.
Global
cues were positive as corporate earnings beat estimates so far and US
and Chinese economic data point to a robust recovery.
On the
domestic front, prediction of a healthy to normal rainy season this year
was released by the state-run and a private weather forecaster. The
forecast cheered investors as it will accelerate the growth of not just
India's majority rain-fed agriculture sector, but that of cement,
two-wheelers, automobile, tractors, farm machinery, infrastructure
sector, consumer durables and others.
India VIX fell down by 2.33 per cent from 20.89 to 20.40 levels.
Except financials, all other sectoral indices, led by pharma, media, auto and IT, ended in the green.
The S&P BSE Sensex closed at 48,832.03, inched higher by 28.35 points, or 0.06 per cent, from its previous close.
The Nifty50 on the National Stock Exchange traded at 14,617.85, up 36.40 points, or 0.25 per cent, from its previous close.
"Nifty
gained in the first hour of trade, remained in a range till 1430 hrs
and then sold off," said Deepak Jasani, Head of Retail Research at HDFC
Securities.
"India's South West Monsoon for 2021 is expected to
be normal at 98 percent of the long-period average... This will be the
first normal monsoon in three years after two above-average monsoon
rainfall in the last two years, which is welcome news for an economy
dented by a second 'wave' of Covid-19 cases and reduced activity due to
localised curfews and lockdowns."
Siddhartha Khemka, Head, Retail
Research, Motilal Oswal Financial Services, said: "Equity markets
remained positive during most part of the session led by positive global
cues but witnessed profit booking towards the fag end to end flat."
"Nifty
ended with marginal gains as the continued surge in Covid cases and
fresh restrictions by various state governments continue to worry the
market. However, with the government's speedy approval for other
vaccines, there are hopes of a pick up in the vaccination process which
is somewhat allaying the fears. Even normal monsoon projections
somewhat cheered the market."
Vinod Nair, Head of Research at
Geojit Financial Services said: "Strong positive cues from the global
market lent optimism to the Indian market, leading to robust recovery
though volatility and underperformance were noticed at the end of the
day due to concerns over lockdown."
"As soon as India is able to show a drop in infection rate, due to lockdown & vaccination, market performance will improve."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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